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Great-West Lifeco announces management appointments

WINNIPEG, May 2, 2013 /CNW/ - At Great-West Lifeco's annual meeting held
today in Winnipeg, Raymond L. McFeetors indicated his decision to step down as Chairman of Great-West Lifeco,
Great-West Life, London Life and Canada Life, positions he has held
since 2008. Mr. McFeetors will continue to serve as a Director,
continuing his distinguished 45-year association with the companies,
which included a longstanding tenure as President and Chief Executive
Officer.

Mr. R. Jeffrey Orrhas been appointed to succeed him as Chairman of the Boards of the
companies. Mr. Orr has been a Director since 2002 and has been Chairman
of the Executive Committee of the Boards since 2008. He is President
and Chief Executive Officer of Power Financial Corporation.

Also at the annual meeting, D. Allen Loney announced his intention to retire as President and Chief Executive
Officer of Great-West Lifeco, Great-West Life, London Life and Canada
Life. Mr. Loney has held these positions since 2008, and has
contributed to the success of the companies as CEO and throughout his
42-year career with the companies. Mr. Loney will continue to serve as
a Director.

Mr. Paul A. Mahonhas been appointed to succeed Mr. Loney as President and Chief Executive
Officer of the companies. Mr. Mahon has been associated with Great-West
Life for 27 years in increasingly senior roles, including the last five
years as President and Chief Operating Officer, Canada of Great-West
Life, London Life and Canada Life.

Mr. J. Dave Johnston has been appointed President and Chief Operating Officer, Canada of
Great-West Life, London Life and Canada Life. Mr. Johnston has been
associated with Great-West Life for 35 years in a number of
increasingly senior roles in the company's Group Division, including
the last seven years as Executive Vice-President, Group.

Great-West Lifeco
Great-West Lifeco Inc. (TSX:GWO) is a financial services holding company
with interests in the life insurance, health insurance, retirement
savings, investment management and reinsurance businesses. The Company
has operations in Canada, the United States, Europe and Asia through
The Great-West Life Assurance Company, London Life Insurance Company,
The Canada Life Assurance Company, Great-West Life & Annuity Insurance
Company and Putnam Investments, LLC. Lifeco and its companies have
$582 billionin assets under administration. Great-West Lifeco is a member of the
Power Financial Corporation group of companies.